This is a good article from the Spectator. On the back of massive fiscal stimulus from Mr. Trump, US financial markets are still looking very attractive. The only downside is global conflict and potential trade wars. Despite all the bluster from Trump and his friends, they surely don’t want a trade war? The next critical date is May 12 for a decision on Iran‘s compliance to the nuclear deal. Will Trump kick the can down the road yet again?
Let’s face it, Osborne was always privileged and doors open for him despite little work and life experience outside politics. Osborne was not trained in economics and ran the UK Treasury with smoke and mirrors, favoring his political whims of the moment. Despite all of this, Osborne is a talented politician and might still return to lead the Conservative Party.
By comparison, Mark Carney is one of best central bankers in the world these days. Prior to the Bank of England, he was Canada’s top banker and before that a successful career in investment banking with Goldman Sachs.
Personally, I think that Mark Carney was right to cite the BoE‘s expert viewpoint on Brexit. In an age of post-truth politics, inflamed by journalists, editors and newspaper owners looking at self-interest, it is vitally important to have experienced and decisive leaders like Mark Carney.
When finance ministers are slow to turn to fiscal expansion, it’s vital that the central bank is led by a safe pair of hands.